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Unlocking Tax Benefits with the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS)

09/04/2024

The Enterprise Investment Scheme (EIS) is an initiative designed to incentivize investment in burgeoning, unquoted companies, while offering substantial tax benefits to individual investors. This scheme not only fosters innovation but also supports economic growth by channelling funds into promising ventures. So, let’s learn more about

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IR35 Tax Rules: A Guide to Compliance

09/04/2024

In the complex landscape of self-employment and contracting, understanding tax regulations is paramount. Among these regulations is IR35, introduced by HMRC to address tax avoidance practices and ensure fair taxation among workers. Let's delve into the workings of IR35 and its implications for contractors and clients alike.

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Thinking of selling your business?

25/07/2024

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief if available, Capital Gains Tax (CGT) of 10% is payable in place of the standard rate. This can mean a substantial CGT saving for someone looking to exit from their

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Considering a significant gift?

25/07/2024

There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming

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Current CGT rates

25/07/2024

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital gain, they may only be subject to a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the

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The marginal rate of Corporation Tax

25/07/2024

The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with profits of up to £50,000. Where a company has profits between £50,000 and £250,000 a marginal rate of Corporation Tax applies that bridges the gap between

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Let Property Campaign

25/07/2024

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion. Participation in the campaign is open

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Register for VAT One Stop Shop Scheme

25/07/2024

The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the EU and Northern Ireland, to consumers in the EU, Northern Ireland, or both. The IOSS Scheme can be used to report and pay VAT due on imports of low value goods to

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The ‘fiscal’ goal posts will be moving

23/07/2024

In the coming months we will start to see how our new government intends to change the UK tax rules to further its economic growth agenda. Whatever they decide to do, readers who presently benefit from tax and/or business planning strategies, should be prepared to revise their plans as fiscal changes are announced. For example, if you

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Your stake in your business

23/07/2024

Ever wondered how your stake in your business is represented in your accounts? The answer can be found at the bottom of your balance sheet. Simply put it is the value of your physical business assets less any liabilities; usually described as net assets. But this is not the full story as there is a further intangible asset that is

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When you cannot use the Property or Trading Allowances

18/07/2024

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. The £1,000 exemptions from tax apply to: If you make up to £1,000 from self-employment, casual services (such as babysitting or gardening)

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The NIC Employment Allowance

18/07/2024

The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers their total Class 1 NIC bill. The allowance is only available to employers that have employer NIC liabilities of under £100,000 in the previous

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Child benefit for 16 to 19 year olds

18/07/2024

The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August following a child’s 16th Birthday. Under qualifying circumstances, the child

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Gains on sale of shares

18/07/2024

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension. Your gain is usually the difference between what you paid for your shares and the amount received when you sold them. There are special rules

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Taxable and non-taxable State Benefits

18/07/2024

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable, i.e., Income Tax is payable, subject to the usual limits: Bereavement Allowance (previously Widow’s

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Ordering documents from Companies House

18/07/2024

Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register. You can order: a company certificate with certified facts; or a certified copy of a document held on the register. You can place an order by: using the Find and update company

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Responding to a personal data breach

15/07/2024

The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following a data breach. The seven step approach advocated is set out below: Step one: Don’t panic It’s understandable if you’re concerned about what happens next. But we’re here to help you understand what happened and to

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The new Chancellor’s first speech

15/07/2024

The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country​ better off. In her first speech as Chancellor, Rachel Reeves pledged to leaders of some of the UK’s pioneering industries to build growth on strong and secure foundations built on stability,

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Labour win landslide election result

11/07/2024

As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their second-largest majority whilst the Conservative Party have had their worst ever result in terms of the number of seats won. We should expect Labour to fulfil their election

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Inheritance and tax

11/07/2024

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the

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Company filing obligations

11/07/2024

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21

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Restarting a dormant company

11/07/2024

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information. When a company has previously traded and then stops it would normally be considered as dormant. A company can stay dormant indefinitely,

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Business VAT responsibilities

11/07/2024

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £90,000. Businesses with turnover below this level can also apply for a voluntary VAT registration. Businesses charge VAT on their sales. This is known as output VAT and the sales are referred to as outputs. Similarly, VAT will be

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Are mega sized marshmallows zero-rated?

11/07/2024

In the UK most basic food stuffs are zero rated. However, the definition of 'basic' is not straightforward and many of the foods are zero rated as a result of historical legislation dating back to the introduction of VAT in 1973. Famously, cakes are zero rated but not all biscuits are zero rated. However, biscuits wholly or partially

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New government

08/07/2024

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities. The government has already declared that it will not increase Income Tax, National Insurance or VAT and government borrowing has to remain within tight limits. In

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Exit plans

08/07/2024

Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning is an essential part of general business planning. In some respects, it is the most important aspect of business development planning as it shines a light on the timing and value you can expect when you

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CGT Incorporation Relief

04/07/2024

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise to a chargeable gain based on the difference between the market value of the assets and

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What your tax code means

04/07/2024

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. The basic personal allowance for the current (and next) tax year is £12,570. The corresponding tax code for an

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Income Tax in Scotland

04/07/2024

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. The definition of a Scottish taxpayer is based on whether the taxpayer has a 'close connection' with Scotland or elsewhere in the UK. The liability to SRIT is not based on nationalist identity, location of

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Late night taxi for an employee

04/07/2024

There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps which are reasonably possible to ensure their health, safety and wellbeing. Ensuring that an employee gets safely home during unsocial

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Claim full expensing or 50% FYA

04/07/2024

Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on the provision of “main rate” plant or machinery. Full expensing is only available to companies subject to Corporation Tax.

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Statutory redundancy pay

04/07/2024

If you have been in the same job for two years or more and are made redundant you will usually be entitled to redundancy money. The legal minimum that you are entitled to receive is known as ‘statutory redundancy pay’. There are exceptions where you are not entitled to statutory redundancy pay, for example, if your employer offers to keep

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Translation

01/07/2024

If you receive documents from overseas customers or suppliers and you need to translate text into English, have you used Google Translate? It’s a free, but incredibly powerful facility. You can select to translate: Individual blocks of text that you add to view in alternate languages. Images with text. Documents. And really

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Extracting profits from a small, limited company

01/07/2024

It is pretty much universally accepted that shareholders (usually directors) of small companies take out their remuneration as a small salary - a salary pitched high enough to secure NIC benefits but not high enough to that employee NIC contributions are payable - and any balance as dividends. Unless directors have the need for

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Tax Diary August/September 2024

01/07/2024

1 August 2024 - Due date for corporation tax due for the year ended 31 October 2023. 19 August 2024 - PAYE and NIC deductions due for month ended 5 August 2024. (If you pay your tax electronically the due date is 22 August 2024) 19 August 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2024. 19 August

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Are you claiming the marriage allowance

27/06/2024

The marriage allowance can be claimed by married couples and those in a civil partnership and where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2024-25). The allowance works by

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Check your State Pension forecast

27/06/2024

The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-state-pension. The new digital service is a joint service by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP). It has been enhanced to include a

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Finding your National Insurance number

27/06/2024

If you have lost or forgotten your National Insurance number there are a number of ways to locate it. Firstly, you could try and locate the number on paperwork such as your tax return, payslip or P60. You can also use your personal tax account or the HMRC App to find your National Insurance number. If your National Insurance number still

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Check employment status for tax

27/06/2024

The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sectors. The service provides HMRC’s view as to whether IR35 legislation applies to a particular engagement and whether a worker should pay tax through

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How to check a UK VAT number

27/06/2024

The online service for checking a UK VAT number is available at: www.gov.uk/check-uk-vat-number. This service can be used to check: if a UK VAT registration number is valid; and the name and address of the business the number is registered to. The service also allows UK taxpayers to obtain a certificate to prove that they checked

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Private rental deposits

27/06/2024

There are special rules under the Tenancy Deposit Scheme that limits the amount of deposit that landlords in England can request. There are also further limitations on what landlords and agents can charge tenants. If you are renting a residential property you may have to pay a deposit before you move in. The maximum deposit your

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What is a group company structure?

25/06/2024

A group is formed when one company has control of, owns, a number of subsidiary companies. A group is different to an arrangement where an individual owns a number of companies personally. In this case the companies would be called associated or sister companies. What are the advantages of a group structure? One useful reason for

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Reclaiming pre-trading VAT

20/06/2024

There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for the supply of goods and services, but VAT can only be reclaimed if the pre-registration expenses relate to the supply of taxable goods or

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Post cessation transactions

20/06/2024

Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must have ceased and the expense must have been deductible in calculating the trading profits. This means that the expense still has to meet the wholly and exclusively test and be revenue, not capital, expenditure. The

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Tax relief for training costs

20/06/2024

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit. As a general rule you can claim for items that you would normally use for less than 2 years as allowable expenses such as stationery and other office sundries as well as rent, rates, power and

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Tax and employee share schemes

20/06/2024

There are a number of government approved share schemes which offer various incentives to employees. The rules of the schemes vary but they are all designed to help incentivise employees by giving them the opportunity to invest in their employer's business. This in turn helps businesses retain and recruit key staff by offering tax

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Connected persons for tax purposes

20/06/2024

The definition of a connected person for tax purposes varies. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of Chargeable Gains Act (TCGA) 1992. The legislation states: " A person is connected with an individual if that person is the individual’s

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Is your income over £100,000?

20/06/2024

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000 will result in a reduction in personal tax allowances that would reduce the allowance to zero if your

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Child Benefit for 16 – 19 year olds

17/06/2024

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their education or training after their GCSEs. HM Revenue and Customs (HMRC) is sending more than 1.4 million Child Benefit reconfirmation letters to parents between 24 May and 17 July. The letters will include a QR code

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Are we unpaid tax collectors?

17/06/2024

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not. If you are not registered for VAT, you do not have to add VAT to your sales and you cannot recover any VAT you pay on purchases. In which case, under these circumstances, VAT is a

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Types of HMRC enquiries

13/06/2024

HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required. HMRC’s internal manuals state that there is no statutory definition of an enquiry, so it carries its normal dictionary meaning of `seeking

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Correcting errors in VAT returns

13/06/2024

Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do this, the errors must be below the reporting threshold. Under the reporting threshold rule, businesses can make an adjustment on their

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Interest on children’s savings

13/06/2024

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving bank interest of more than £100 (before tax) annually. If this is the case, the parent is liable to pay tax on all the interest if it is above

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Non-resident UK property sales

13/06/2024

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold or disposed of: residential UK property or land (land for these purposes also includes any buildings on the land); non-residential UK

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Self-assessment payments on account

13/06/2024

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during the tax year and 31 July following the tax year end date. These payments on account are based on 50% each of the previous year’s net income tax liability. In

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Multiple Dwellings Relief for SDLT

13/06/2024

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially perform on or after 1 June 2024. The MDR relief applied to property purchasers who bought more than one dwelling where a transaction or a

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New Brooms

11/06/2024

As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July. Labour have disclosed a number of tax changes they would introduce. To summarise they are: Private school fees will attract VAT at 20% which private schools will no doubt pass on to parents. The Labour

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Falling inflation – what does it mean for you?

11/06/2024

The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation supports people by maintaining the purchasing power of their money. If prices only rise slowly, people can plan their budgets more effectively - encouraging spending and investment, which fuels the economy. Lower inflation also helps

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Tax Diary July/August 2024

07/06/2024

1 July 2024 - Due date for corporation tax due for the year ended 30 September 2023. 6 July 2024 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2024 - Pay Class 1A NICs (by the 22 July 2024 if paid electronically). 19 July 2024 - PAYE and NIC deductions due for month ended

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Filing your tax return early

06/06/2024

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025. The 31 January 2025 is not just the final date for submission of the 2023-24 self-assessment tax return but also an

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Setting up as a sole trader

06/06/2024

Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your business, and the fact that all the profits go to you. The disadvantages include a lack of support, unlimited liability, the prospect of

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Need to register for self-assessment?

06/06/2024

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax. You are required to submit a self-assessment return if any of the following apply: you were self-employed as a ‘sole trader’ and earned

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Statutory Pay assistance

06/06/2024

An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If the business qualifies for Small Employers’ relief, this figure can increase to 103%. Small Employers’ relief is available if the business paid £45,000 or

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Directors and National Insurance

06/06/2024

Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the current 2024-25 tax year. Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance

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Transferring unused IHT residence nil rate band

06/06/2024

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The allowance increased to the present maximum level of £175,000 from 6 April 2020. The

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Change

04/06/2024

There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more they stay the same. Its interesting to apply this to a change that is about to come about, if, as expected, the Labour Party form the next government from the 5th of July. The present Shadow Chancellor, Rachael

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New protection for consumers

04/06/2024

The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent. The Act paves the way to give consumers rights across the UK, with greater control and clarity over online purchases. It does this by requiring businesses to provide clearer information to consumers before they enter a subscription contract,

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General election date announced

30/05/2024

The Prime Minister, Rishi Sunak, declared from the steps of Downing Street (on 22 May 2024) that the next general election will take place on 4 July 2024. The Prime Minister confirmed that he had spoken with His Majesty the King to request the dissolution of parliament. The King granted this request, thereby confirming that the general

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Do not respond if you receive this letter

30/05/2024

Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’ has been updated. The list is intended to help people check if contacts purporting to be from Companies House are actually a scam. The guidance contains a list of emails, letters and phone calls that are fraudulent. The guidance can be

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Changes to the High Income Child Benefit Charge

30/05/2024

The changes to the High Income Child Benefit Charge (HICBC) announced as part of the Spring Budget came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged has been increased from £50,000 to £60,000. The HICBC is charged at the rate of 1% of the full Child Benefit award for each £200 (2023-24: £100) of

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Payback company car private fuel

30/05/2024

Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car, applied to the car fuel benefit multiplier, currently £27,800. The car fuel

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CGT Rollover Relief

30/05/2024

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is

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Carry back charitable donations

30/05/2024

If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or at the same time as your previous year’s self-assessment return is filed. This means that if you made a gift to charity in the current

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Employee suggestion schemes

30/05/2024

There are many advantages to creating an employee suggestion scheme where employees are rewarded for making suggestions that benefit your business. Apart from the value that these suggestions can have in saving money or driving new business ideas there are also tax-free benefits associated with running these schemes. HMRC list two kinds

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Post Office convictions quashed

28/05/2024

Convictions of hundreds of postmasters have been quashed following Royal Assent of the Post Office (Horizon System) Offences Act 2024. Many postmasters endured financial ruin, the loss of homes, livelihoods, reputation and some even lost their lives as a result of the Horizon IT Scandal which is one of the greatest miscarriages of

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Benefits of a fall in inflation

28/05/2024

An economist from the Treasury explains exactly what a fall in inflation means for you. How will lower inflation help the economy? Lower inflation supports people by maintaining the purchasing power of their money. If prices only rise slowly, people can plan their budgets more effectively - encouraging spending and investment,

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Changes to Companies House Fees

23/05/2024

There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024. The last significant change in fees occurred in April 2016. The new fees have been calculated on a ‘cost recovery’ basis meaning that the fees are calculated based on what it costs to provide the services in question.

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Tax credits reminder

23/05/2024

We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 tax credit claimants. HMRC is encouraging recipients to renew their tax credits claim online. HMRC started writing to taxpayers on 2 May 2024 and expects all packs to be with recipients by the 19 June 2024. Renewal packs

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Reporting expenses and benefits to HMRC

23/05/2024

The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted using commercial software or via HMRC’s PAYE online service. HMRC no longer accepts paper P11D and P11D(b) forms. Employees must also be provided with a copy of the information relating to them on these forms by the same date.

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VAT reverse charge for builders

23/05/2024

There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, which came into effect on 1 March 2021, makes the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge only applies to supplies of specified

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Tax when transferring assets during divorce

23/05/2024

When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax issues that can have significant implications. The Capital Gains Tax (CGT) rules that apply during separation and divorce changed for disposals that

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View your annual tax summary

23/05/2024

The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how this is used by government. The Annual Tax Summary shows: your taxable income from all sources that HMRC knew about at the time that it was prepared; the rates used to calculate your Income Tax and National Insurance contributions;

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Universal Credit changes

20/05/2024

Universal Credit claimants working less than half of a full-time week will have to look to increase their hours but will be able to benefit from extra work coach support. These changes will see 400,000 Universal Credit claimants receive more help to progress in work. The changes come as the PM announces once in a generation welfare

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Childcare funding for under 9-month-olds

20/05/2024

In a recent press release the Department for Education confirmed that parents of children from 9 months old can now apply to access government-funded childcare from September 2024, as England’s largest ever childcare expansion continues. From 12 May 2024, eligible working parents of children who will be 9 months old by 31 August can

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Employing staff for the first time?

16/05/2024

There are a number of rules and regulations that you must be aware of when you employ staff for the first time. HMRC’s guidance sets out some important issues to be aware of when becoming an employer. Decide how much to pay someone - you must pay your employee at least the National Minimum Wage. Check if someone has the legal right

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Register an overseas company

16/05/2024

An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has a physical presence in the UK through which it carries on business. If an overseas company does not have a physical presence in the UK, they are not usually required to register with

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Beneficial tax-exempt loans

16/05/2024

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan obtained elsewhere. These types of loans are referred to as beneficial loans. There are a

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Closing a limited company

16/05/2024

There are a number of reasons why you may need to close your limited company. This could be because the company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down a company. The method for

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Check a VAT number

16/05/2024

The Check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name and address of the registered business. The service also allows UK taxpayers to obtain a certificate to prove that they checked that a VAT registration number

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Deferring National Insurance payments

16/05/2024

Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain circumstances. This deferment can be considered when any of the following apply: You pay Class 1 National Insurance with more than one employer. You earn £967 or more per week from one job over the tax year. You earn £1,209 or

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Focus Accountancy Ltd - Registered in England and Wales - CRN: 06377770 - Registered Office: 1 Lindsay Road, Bristol, BS7 9NP